Northeast Tennessee Economic Development Corporation

Organization Overview

Northeast Tennessee Economic Development Corporation is located in Johnson City, TN. The organization was established in 1988. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northeast Tennessee Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.

For the year ending 06/2023, Northeast Tennessee Economic Development Corporation generated $110.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (29.8%) each year. All expenses for the organization totaled $96.6k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

CREATED TO PROMOTE ECONOMIC DEVELOPMENT BY PROVIDING LOAN PROGRAMS FOR BUSINESSES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

MULTIPLE LOAN FUNDS AND PROGRAMS HAVE BEEN ESTABLISHED BY NETEDC TO ASSIST BUSINESSES THROUGH FIXED AND PERMANENT WORKING CAPITAL FINANCING. OVERALL, 123 LOANS HAVE BEEN MADE THROUGH THESE PROGRAMS IN THE AMOUNT OF $8.5 MILLION DOLLARS, AND THE COMPANIES INVOLVED HAVE CREATED JOBS IN THE REGION.


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Board, Officers & Key Employees

Name (title)Compensation
Russell Brackins
Director
$0
Ken Rea
Executive Director
$0
Susan Reid
Secretary
$0
Al Spritzer
Director
$0
Rick Storey
Director
$0
Jerry O'conner
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$101,904
Investment income $8,329
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $110,233

Peer Organizations

Organization NameAssets
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St Louis Economic Development Partnership
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Knoxville Convention & Visitors Bureau Inc
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Economic Development Corporation Of Kansas City Missouri
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Kentucky Highlands Investment Corporation
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$8,002,017
Center For Regional Economic Competitiveness
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$5,182,427
Mdc Inc
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$15,380,803
Northwest Arkansas Economic Development District Inc
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$6,403,027
Mobile Convention & Visitors Corporation
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Blount Partnership
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Fairfax County Convention And Visitors Corporation
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$4,753,430
Alexandria Convention And Visitors Association Inc
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$4,587,998
Roanoke Valley Convention And Vis- Itors Bureau
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$4,018,675
Entrepreneur Startup Business Development Corporation
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$2,347,434
Well Coffeehouse
Nashville, TN
$3,847,156
Cartersville-Bartow County Tourism Council
Cartersville, GA
$4,081,931
Southern Bancorp Capital Partners
Little Rock, AR
$7,082,881
Vibrant Memphis Inc
Memphis, TN
$2,621,131
Hampton Roads Economic Development Alliance
Norfolk, VA
$3,867,938
Central Arkansas Planning And Development District Inc
Lonoke, AR
$3,632,917
Tellico Reservoir Development Agency
Vonore, TN
$4,266,722
Mdcdc Inc
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$2,975,790

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